Foreign investors offloaded Indian shares worth Rs 61.21 billion, or $632.60 million, on Wednesday. It was their ninth consecutive session of selling, provisional data showed.

The selling weighed on markets. The Sensex fell 460 points to close at 72,599.05 on Wednesday. The Nifty declined 164.80 points to 22,610.85.

Domestic investors cushioned the fall. DIIs bought shares worth Rs 4,596 crore on October 7, according to exchange data. They absorbed part of the foreign selling.

The Reserve Bank’s hawkish rate hike added to the pressure. The repo rate rose to 5.5 per cent. Rising oil prices also stoked inflation worries. Analyst Hariselvan Radhakrishnan of HST Wealth said tighter global monetary conditions could keep pressure on risk appetite and foreign flows.

GIFT Nifty futures pointed to a weaker start on Thursday. Analysts said persistent foreign selling remains an overhang for equities. Watch the TCS earnings for cues on the IT sector. Traders will watch whether the selling continues into Friday’s session.